Ranger Finance announces phased shutdown, citing financial pressure and impact from the Drift attack
According to Odaily, cobra (@barrett_io), the co-founder of Solana ecosystem DeFi project Ranger Finance, stated on X that Ranger Finance is gradually shutting down.
He mentioned that the project has been assuming business operations beyond what is sustainable for a long period; the founders had continuously used personal funds to keep the team running, but the ongoing delays in fundraising led to mounting unpaid bills. In the end, the fundraising was not completed, and the funds that had been raised were returned.
cobra explained that the team tried to use the last two months of operating funds to pay employees and suppliers as fairly as possible, but it was still insufficient to cover all costs. In addition, the situation regarding treasury liquidation was worse than expected, severely impacting budget decisions, and the subsequent Drift attack further depleted the remaining funds and personal capital.
For treasury users affected by the Drift attack, cobra stated that the related recovery tokens will be provided when the Drift team distributes them in the future. He also acknowledged that, in hindsight, the team should have shut down the project earlier and apologized for this.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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